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LIFO |
Also found in: Dictionary/thesaurus, Legal, Financial, Acronyms, Wikipedia, Hutchinson | 0.02 sec. |
LIFO(Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO. LIFO [′lī‚fō] (industrial engineering)
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In this consolidated case, the taxpayers owned a group of four S corporations that had used the link-chain, dollar-value method of valuing LIFO inventory for at least 10 previous tax years. Boyle submitted the following letter to Senators Charles Grassley and Max Baucus, Chair and Ranking Member of the Senate Finance Committee, respectively, urging retention of the LIFO method of accounting. The 2006 fiscal year financial results include in cost of sales a pre-tax LIFO expense amount of $94. |
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